OneSpan uses AI to tackle financial account fraud

OneSpan, a global provider of in software for trusted identities, e-signatures and secure transactions, has launched its open API, cloud-based Risk Analytics solution to help financial institutions stop fraud, including Account Takeover and New Account Fraud.

Account Takeover and New Account Fraud are the top two types of fraud challenging financial institutions and in the U.S. alone, ID fraud accounted for $16.8 billion dollars in fraud losses in 20171.

Risk Analytics protects against these and other fraudulent activities across online and mobile channels using machine learning-based risk analysis, a form of artificial intelligence.

This analysis identifies fraud in real time, predicts risk levels and takes immediate action when fraud is detected.

“While stopping fraud has become increasingly challenging because today’s threats keep evolving, it’s critical for financial institutions to take proactive measures and a layered approach to security to monitor, detect and block fraudulent transactions from happening before they occur, ensuring the best possible experience for the user.”